BRAC Bank has launched the country's first instant digital financing, Shafollo e-loan, for marginal Small and Medium Enterprises (SMEs), according to a press release.
Small traders, shopkeepers, and grassroots entrepreneurs can now access up to Tk 50,000 in minutes, according to a press release.
As an SME-focused bank, the initiative reflects BRAC Bank's commitment to supporting smallholder business owners in the remotest parts of the country.
Lengthy paperwork, complex agreements, and weeks of waiting have created barriers to required formal credits, while many had to rely on informal lenders often at high costs that eroded earnings.
On the bank's side, each loan entailed heavy manpower, costly manual processes, and delays that further limited outreach.
With special permission from the Bangladesh Bank, BRAC Bank designed the Shafollo e-loan model to bring formal credit directly to the fingertips of those who need it most.
BRAC Bank's Additional Managing Director and Head of SME Banking Syed Abdul Momen remarked: "Shafollo e-loan reflects BRAC Bank's commitment to making finance truly accessible for grassroots entrepreneurs. By digitising processes, we can deliver loans instantly, at lower cost, and with far greater convenience."
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